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Crypto Bloodbath: Bitcoin Network Transactions And Fees Surge As Sell-off Continues
By: In: Technology,Trending


The number of transactions on the Bitcoin network has spiked over the past week, and blockchain analytics firm, Glassnode, explains that they are ‘urgent’ transactions due to investors de-risking their current positions.


A sudden influx of 42,800 transactions hit the mempool on Bitcoin (BTC) last week. Glassnode’s chief analyst says these were likely “urgent” transactions due to the high amount of fees paid per transaction.

The average fee rose to $2.72 last week, about 15% higher than the typical average according to bitinfocharts, an on-chain data tracker.

The mempool on a blockchain network is where transactions are sent before being confirmed in a block. The higher the fee paid on a transaction, the higher the likelihood it will be picked ahead of others.

What you should know

Glassnode explained that investors paid higher-than-average fees likely in order to prioritize their bids to de-risk their portfolio or add collateral to their margin positions as BTC price has fallen 19% over the past seven days.

With total fees spent at a local high as investors urgently try to exit more volatile positions, it appears that Bitcoin markets may continue down their “rocky road” to capitulation. The reason we are seeing these levels of selloffs is as a result of investors running towards the safe-haven currency, the U.S. dollar, as a result of policy decisions made by the U.S. Fed. Last week the Fed hiked its interest rate to 1%, the largest increase since 2000, as it handed down its policy decision last week Wednesday.


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